A number of things need to be considered before plunging into a start-up business in India. In a land of stark diversities, lots of factors come into play for the smooth running of a business. You may have come to this post because you want start your business or you have some great startup ideas. But the first thing you need to know is that starting a business is similar to driving car through heavy fog where you can't see anything except a few feet in front of your windshield. So, one wrong decision can lead you to the wrong direction.
According to Office of Advocacy, only 78.5% of small businesses survive their first year. According to MLS, only 17% of restaurants fail in their first year. Most importantly, according to CBInsights, 19% of small businesses fail because their competitors outperforms them. You need a effective marketing strategy to outperform your competition. On the other side, many entrepreneurs have great strategies but they are lost in their entrepreneurship journey and have no time to spend with their family. According to Business Wire, 58% of business owners believe spending time with family in the evening is crucial for their effectiveness at work. Which is actually not true. Let us see the complete story on the topic- Things You Need to Know Before Starting a Business.
Know the Competition and Available Space in the Market
Know the Future of the Targeted Industry
Know the Target Customer and Calculate the Cost to Reach Them
Find Out the Pain Points of Customers
Ask for Feedback from Customers
Differentiate from your Competitor
Be a Friend to the Customer Not Just a Service Provider
Don’t Hesitate or Hold back to implement a New Idea
Do Not Expect ROI as Money
Plan for a Long Time, Not for the Short Term
Is it so difficult to start a business?
No, it is not. If you know what needs to be done and what is not then there's no doubt that you'll be successful. So, in this post we've mentioned few points that need to be taken into perspective before a start-up business can be established. Here are the things you need to know before starting a business.
Things You Need To Know Before Starting a Business
1. Know the Competition and Available Space in the Market
Starting a business to serve people and their need is a great step towards excellence in life. However, the first step is to check out companies offering similar services to know about the industry and where one’s idea stands against competitors. If the concept is new in the residential country then also there is a chance of a company providing similar services existing for a long time in some other country, therefore, thorough market research is a must.
2. Know the Future of the Targeted Industry
There are so many thoughtful leaders in the industry who mainly or usually predict the future of the market value of different industries. This will help in predicting the future of your start- up company in some way.
3. Know the Target Customer and Calculate the Cost to Reach Them
Decide on the customer pool for the product or services of the company being established, and search for ways to reach out to them with the price of the product or services being provided. A business will only be successful if customers are interested in it and can be convinced to try it. For this, a buyer is needed who can easily identify the requirements of customers and help in implementing a strategy to fulfill their requirements with all possible efforts.
4. Find Out the Pain Points of Customers
All companies in this world can’t satisfy or fulfill all the customer’s requirements and needs, and so this is the chance to try to do it. When the given product is launched in the market, try bringing relief to customer’s pain points and this will go a long way in establishing loyal customers for the business. Remember one thing, when a company grows and becomes a bigger brand, it can’t always satisfy their customer with the same dedication but the success ies in trying to find ways to do it.
5. Ask for Feedback from Customers
When a customer buys the said product or uses the services of one’s company, asking them regarding some kind of feedback about the service or products is a good idea to know about how the business stands in the market. Some might have been satisfied while some might not have been satisfied and the company can then work to correct these flaws.
6. Differentiate from your Competitor
If the start-up is entirely a clone of the industry leader, the possibility of getting found will be lower than one expects. So, find a way out to be different from the competitor by adding some uniqueness to the service or product. It will give you a lot of exposure amongst everyone. It is important for all new startups to ensure that a huge number of people know about their business.
Aso Read: How to Keep an Eye on your Competitor
7. Be a Friend to the Customer Not Just a Service Provider
If a user is using the service multiple times then make sure that a healthy relation is maintained with them to retain the loyal customer. When a good relationship apart from the business relationship exists, it will help in retaining the customer and the chance of getting exposure from word of mouth will be high as well as helpful in growing the business. This is a powerful tactic of CRM (Customer Relationship Management) to improve business.
8. Don’t Hesitate or Hold back to implement a New Idea
A lot of startup companies are doing the mistake of not implementing a new idea. If they are running smoothly and getting sales for their products and service, they might think about a few great new ideas, but they don’t end up implementing them due to some issues. This should not be the case and start-ups must be confident to implement new ideas.
9. Do Not Expect ROI as Money
In the initial stage, do not expect ROI as money because if that is the case then there would be failure of business strategies.
10. Plan for a Long Time, Not for the Short Term
Plan for a long time and don’t make a short plan for the startup or business because long term plans will lead to a long distance or long period of time and help in surviving as well as growing in the industry.Keep these things in mind before venturing into a start-up business to ensure a successful and smooth process.